When is Debt Odious? A Theory of Repression and Growth Traps
NBER Working Paper No. 27221
---- Acknowledgments ----
We thank Yang Su for excellent research assistance. We are also grateful to Olivier Wang and seminar participants at the Department of Finance, NYU Stern School of Business for very helpful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.